Many experts believed that enterprise risk management (ERM) would greatly change the way risk management was practiced. But in a haste to label ERM as a paradigm-shifting event, it may be well to consider just what qualifies as a paradigm shift. from Lion Insurance Co's experience, being an early adopter of ERM has its advantages, since A.M. Best did affirm the rating. And having better information with which to make decisions should allow insurers a method to better gauge the risk and rewards from various courses of actions. PricewaterhouseCoopers (PwC) was trying to determine how well the industry is equipped to meet the evolving insurance market as well as stakeholder demands. On the positive side of the ledger, most of the participants had made real progress with regard to ERM implementation. However, PwC points out that many participants are now at a critical juncture with regard to their ERM programs.
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